HomeMy WebLinkAboutBy-law 2702The debe~tures shall be sealed with the seal of the Corporation and
signed by the head of the council or by some other person auti~orized
by by-law to sign the same and by ti~e treasurer. The said interest
coupons shall be signed by the treasurer and his signature to them
may be written or engraved, lithographed, printed or otherwise
mecharaicaLly reproduced. The signature of the head of the council
may be written or engraved~ lithographed, printed or otherwise
mechanically reproduced and, if such debentures are countersigned in
writing by the deputy treasurer~ the signature of the treasurer thereon
may be written or engraved, lithographed, printed or otherwise mechan-
ically reproduced.
B Y - L A W N U M B E R '~7~¥
11 BY-LAW OF THE CORPORA£IoN OF ~IIE ~oWNSIIIP oF PICKERING xo AUtHoRIZE
IHE BORROWING oF ~160,000.00 UPoN DEBENIURES FuR PUBLIC SCHooL,
PURPOSES, AND T0 REPEAL BY-I~W ~IBER 2660.
WHEREAS lhe ~blic School Board of Township School Areadof
Picketing ~ has requested the Council to provide the
of ~160, 000. 00 For the purpose of building and equippin~ a
school addition of eight (8) classrooms in the said Township
School Ama;
AND WHEREAS it is necessary and expedient to borrow for the said
purpose a sum not exceeding ~160, 000. 00 upon the credit oF the
Corporation, to issue de~ntures therefor ~aring interest
payable annually at the rate of ~ per cent per ann~n shown in
Schedule "A" attached to this by-law;
AND WHEREAS it is expedient to make the principal of the said
debt repayable in annual instalments during the period of T~nty
(20) years in the ~spective ~ounts set Forth in Schedule "A"
he,to annexed;
TtIERt~FORE the Council of the Corporation of the Township of
Picke ring ENACTS AS FOLLOWS:
1. ~or the purpose aforesaid the Corporation shall borrow upon
the c~dit oC the Corporation a s~ not exceeding
and shall issue de~ntures the~For.
2. Each de~ntu~ shall ~ar interest at the rate shown in
Schedule "A" attached to this by-law and shall have coupons
attached the~to for the paint oF such inte~st.
3. The de~ntu~s shall ~ dated the / ~ day oF
19~ shall be issued at one time and ~1] ~ paya~ ~-{h
inte~st in T~niy (20) annual instalments on tlae r ~ day
~ in each of the years 1963 to I9S2 inc]usJve~ and
the' ~spective ~ounts of principal and interest payable
in each of such years shall ~ the ~ounts so designated
Schedule "A" he,to annexed.
4. The de~n~ures shall ~ payable as to both principal and
inte~st in lawful money oC Canada and may ~ made payable
at the Canadian Imperial Bank of Commerce in the Village
Claremont, Ontario~ or at the principal office of the said
bank in the City of Toronto~ or the City of Moni~a], at the
holder~ s option.
5. T~ebentums shall ~ sealed w~th t~:~
corporatin~by the ~~ Council or by some
othe,[ person authorize~ign the s~ne, and by
the lre~surer.~-sa~ i~erest cm~g ~%. be signed
by the ~!~r. and his signature the~on may
s~ped~ litho~raphed or engraved.
6. Co~encing in the year 1963 and thereafter in each year in
which an instalment of princip~ or interest shall ~come due
on the said de~ntures the s~ ~qui~d to pay off any such
instalment shall ~ raised by a rate sufficient the~for over
and above all other rates upon the property of ratepayers who
are ~porte rs. of~the ~blic. School.l. Board. of Township. School
Area~o~ Pickerxng'~~, xn the ownshlp of Picketing.
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7. '~he said debentures may contain a clause providing £or the
registration thereof pursuant to section 323 o£ The ~lunicipal
Act,
8, Pending the sale of the said debentures the Head of the
Council and the Treasurer may raise for the purpose aforesaid
by way of' loan on such debentures any sum or s~ns of money
not exceeding in all the amount hereby authorized to be
borrowed and may hypothecate such loan,
9, That By-Law Number 26(~0 be and the same is hereby repealed,
READ a First and Second time this ~.. d~ 1962.
~Reeve
E xhird %ime and £inally PASSED thi~
R Al) a
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S C H E D U L E "A"
TO BY-LAW NUMBER ~-7~;--
TOWNSHIP OF PICKERING
$ 160,000.00 - 8 3/4% - 1 to 20 years - Debentures
YEAR PRINCIPAL INTEREST ANNUAL PAYMENT
1963 $ 4,000.00~ $ 9 200.00~ $ 13,200 00
1964 5 000.00~ 8 970.00 ~ 13,970.00
1965 5 000.00 ^ 8 682.50 ~ 13,682.50
1966 5 000.00 ~ 8 395.00 ~ 13,395.00
1967 6 000.00 ~ 8 107.50 ~ 14,107.50
1968 6 000.00~ 7 762.50.~ 13,762.50
1969 6 000.00 ~ 7 417.50~ 13,417.50
1970 7 000.00 % 7 072.50~ 14,072.50
1971 7 000.00 % 6 670.00 '~ 13,670.00
1972 7 000.00% 6 267.50~ 13,267.50
1973 8,000.00~ 5 865.00 % 13,865.00
1974 8 000.00 5.405.00 ~ 13.q05.00
1975 9 000.00~ 4 945.00~ 13,945.00
1976 9,000.00~ 4 427.50 ~ 13,427.50
1977 10,000.00 ~ 3 910.00 ~ 13,910.00
1978 10,000.00~ 3 335.00.~ 13,335.00
1979 11,000.00 ~ 2 760.00 .~ 13,760.00
1980 12,000.00 ~ 2 127.50 ~.~ 14,127.50
1981 12,000.00 ~ i 437.50 ~ 13,437.50
1982 13~000.00~ 747.50N~ 13,747.50
$ 160,000.00 ~ $ 113,505.00 ~ $ 273 505.00